Kiva conducts regular, ongoing monitoring of all Field Partners, but only posts status updates here in response to relevant, major changes at the partner.

Status update — August 7, 2017
Due to economic difficulties in Azerbaijan, Aqroinvest Credit Union continues to face serious operational and financial issues that threaten the organization's sustainability and has failed to meet its payment obligations to Kiva lenders since July 2016. Kiva is collaborating with a group of lenders to continue pursuing recovery of all outstanding funds and will pass those funds on to lenders if and as they're received.

Status update — February 3, 2017

Kiva has paused Aqroinvest’s ability to fundraise new loans on the Kiva platform. Due to economic difficulties and the currency devaluation in Azerbaijan, Aqroinvest is facing a current inability to access liquid assets, such as cash or short-term borrowing, and has been unable to repay Kiva lenders for repayments made by Kiva borrowers. Kiva is collaborating with a group of investors to work toward recovering funds owed by Aqroinvest, and will post additional updates as they become available. Aqroinvest staff has been communicative and transparent throughout this process.

Status update — May 23, 2016

Kiva recently re-assessed the level of risk associated with loans from this Field Partner. As a result, Aqroinvest's risk rating is now listed as 1 star instead of 3 stars. The primary reason for this change in rating is the unstable economic situation following currency devaluations of 33% and 48% in February 2016 and December 2015 respectively, which is leading to a partial collapse of the financial sector in the country. Aqroinvest remains in good standing with Kiva and is continuing to support borrowers in Azerbaijan.

Partner description:
Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest’s vision is to promote and lead best practices and sustainability of our members by providing viable financial services as well as playing an important role in the financial sustainability and economic well-being of Azerbaijani people.
AqroInvest`s goals are:
  • Provide high quality and efficient service to our clients
  • Develop and conduct social performance analysis to maximize our impact in the community
  • Provide IDPs and rural poor with favorable loan conditions
  • Expand activity to one new region of Azerbaijan every year, including rural villages and IDP camps
  • Provide professional training to our staff to improve their knowledge/skills using well-known and reputable training organizations
  • Become one of the best known (both at home and internationally) credit unions in Azerbaijan via our strong policies and human factors
  • Attract international investment to increase our portfolio and provide viable financial services
A unique lending approach:
AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
AqroInvest currently operates in 10 branches in rural regions of Azerbaijan. As of today, it has 3,648 active members, 28% of whom are refugees, 35% women, and 41% farmers.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans. 
Aqroinvest is a member in good standing with the Azerbaijan Microfinance Association and with the Ministry of Economic Development. In 2012 AqroInvest was recognized as the best local microfinance organization in Azerbaijan for its outstanding work with IDPs and rural farmers by the president of the country.
Aqroinvest can be contacted via email at You can join its Kiva lending team, Aqroinvest Dostları (Friends of Aqroinvest), and become a fan on Facebook.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva May 8, 2007 Oct 12, 2005
Total Loans $6,533,700 $994,015,325
Amount of raised Inactive loans $0 $257,450
Number of raised Inactive loans 0 304
Amount of Paying Back Loans $575,575 $153,841,625
Number of Paying Back Loans 444 195,782
Amount of Ended Loans $5,958,125 $839,916,250
Number of Ended Loans 3,974 1,055,620
Delinquency Rate 81.59% 8.69%
Amount in Arrears $278,053 $8,875,692
Outstanding Portfolio $340,778 $102,174,618
Number of Loans Delinquent 444 30,836
Default Rate 0.02% 1.42%
Amount of Ended Loans Defaulted $1,089 $11,890,081
Number of Ended Loans Defaulted 1 34,252
Currency Exchange Loss Rate 2.87% 0.45%
Amount of Currency Exchange Loss $187,361 $4,501,882
Refund Rate 3.12% 0.60%
Amount of Refunded Loans $204,150 $5,985,075
Number of Refunded Loans 106 6,003

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 31.48% 75.51%
Average Loan Size $1,488 $398
Average Individual Loan Size $1,480 $627
Average Group Loan Size $16,158 $1,756
Average number of borrowers per group 2.7 7.7
Average GDP per capita (PPP) in local country $10,800 $5,871
Average Loan Size / GDP per capita (PPP) 13.78% 6.78%
Average Time to Fund a Loan 14.61 days 6.92 days
Average Dollars Raised Per Day Per Loan $101.83 $57.54
  Average Loan Term 15.4 months 11.13 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 854 519,181
  Journaling Rate 15.90% 41.20%
  Average Number of Comments Per Journal 0.10 0.05
  Average Number of Recommendations Per Journal 2.50 1.14

Borrowing Cost Comparison (based on 2014 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 18% PY 29.00% PY 26.28% PY
  Profitability (return on assets) 0.8% 4.7% -1.13%
  Average Loan Size (% of per capita income) 57.50% 27.00% 16.31%

Country Fast Facts

Field Partner Staff

Tamilla Babayeva
Gulnara Celilova
Vince Main